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More Homes Sold, Fewer Available

via The New York Times – According to data from the National Association of Realtors, the number of existing homes sold in 2016 was the highest in a decade: 5.45 million single-family houses, townhouses, condominiums and co-ops were sold, up 3.8 percent from 5.25 million in 2015. The previous high, in 2006, was 6.48 million.

All but the least expensive homes (those priced up to $100,000) showed an increase in sales, with the greatest gains for homes priced between $250,000 and $500,000.

Not surprisingly, by the end of 2016 the number of existing homes for sale had dropped 6.3 percent compared with a year earlier, to 1.65 million — the lowest number since the National Association of Realtors began tracking that figure in 1999. Coupled with rising interest rates, that could make buying a home more challenging in 2017.